Value of gold, copper, nickel, chromite reserves rises 4.6%

CLASS A gold, copper, nickel, and chromite reserves  were valued at P481.45 billion in 2024, up 4.6%, the Philippine Statistics Authority (PSA) said in a report.

Class A reserves are commercially recoverable mineral resources confirmed to be economically viable by a defined development project or operation.

The value of Class A gold reserves rose 22.7% to P213.74 billion in 2024, it said.

The value of Class A copper reserves increased 13.7% to P60.38 billion.

The PSA said the value of Class A chromite reserves more than doubled in 2024 to P1.35 billion from P645.90 million a year earlier. 

It said the value of Class A nickel reserves fell 11.3% to P205.97 billion.

The total resource rent of the four mineral resources was P56.86 billion, equivalent to 0.22% of gross domestic product.

The PSA said by volume, Philippine Class A gold reserves fell 6.6% to 357.11 thousand kilograms (kg) in 2024.

Gold extracted decreased 8% to 20.11 thousand kg.

The volume of Class A copper reserves rose 21.8% to 4.02 million metric tons (MT).

The PSA said extracted copper fell 14.2% in 2024 to 53.18 thousand MT.

Class A nickel reserves rose 28.6% to 612.98 million dry metric tons (DMT) in 2024.

Nickel extracted fell 0.7% to 32.13 million DMT.

The volume of Class A chromite reserves rose 1.2% to 66.34 million MT in 2024.

Chromite extracted more than doubled in 2024 to 63.02 thousand MT from 23.82 thousand MT previously. — Kyle Aristophere T. Atienza